The following table shows the top 50 originators, holders and
consolidators of
Federal Family Education Loan Program loans. (The list of originators,
holders and consolidators is accurate as of September 30, 2003. This
is the most recent data available.) The
figures for origination exclude consolidation loans. The
figures for holders include consolidation loans.

Lenders that hold the most loans accomplish this either by buying the
loans directly from originators, by originating the loans themselves
and not reselling them, or by consolidating a lot of loans held by
other lenders.

Based on these statistics, the largest purchaser of student loans
is Sallie Mae, followed by College Loan Corporation, Citibank, Brazos Group, Key Corp, EFS
Finance and Mellon Bank. Similarly, the largest seller of student
loans is JP Morgan Chase, followed by Bank One, National City Bank,
American Express, TIAA-CREF, and SC Student Loan Corp.

These lenders originate 84.1% of all FFELP loans.

Rank

Lender

Origination Volume

1.

Bank One Education Finance Group

$3,317,548,154

2.

Sallie Mae

$3,160,646,632

3.

Citibank Student Loan Corp

$2,995,226,114

4.

JP Morgan Chase Bank

$2,466,034,112

5.

Bank of America

$2,157,500,177

6.

Wells Fargo Education Financial Services

$2,042,201,054

7.

Wachovia Education Finance

$1,780,791,739

8.

National City Bank

$1,377,752,621

9.

U.S. Bank

$1,031,211,817

10.

Pittsburgh National Corp

$670,691,587

11.

Suntrust Bank

$660,650,728

12.

Edamerica

$652,112,687

13.

Northstar Guarantee

$634,708,246

14.

Pennsylvania Higher Education Assistance Agency

$633,356,158

15.

Fleet Bank

$593,299,377

16.

Academic Management Services

$479,908,433

17.

College Foundation Inc.

$477,161,517

18.

Citizens Bank Education Finance

$440,614,987

19.

College Loan Corp

$426,613,954

20.

Union Bank & Trust Company

$417,344,509

21.

Nova Southeastern University

$375,901,957

22.

SC Student Loan Corp

$370,119,565

23.

Key Corp

$365,828,971

24.

Education Lending Group

$318,053,434

25.

Teachers Insurance & Annuity Association of America

$306,516,843

26.

Brazos Group

$289,071,504

27.

Illinois Student Assistance Commission/IDAAP

$280,085,423

28.

Commerce Bank

$257,400,175

29.

Amsouth Bancorp Ed Fin Group

$253,265,964

30.

Washington Mutual Savings Bank

$234,736,031

31.

AELMAC/Southwest Student Services Corp

$229,423,164

32.

Kentucky Higher Education Student Loan Corp

$224,371,559

33.

Vermont Education Loan Finance Program

$223,428,762

34.

HSBC Bank USA

$196,464,685

35.

Comerica Bank

$191,845,473

36.

Rhode Island Student Loan Authority

$186,594,436

37.

New Hampshire Higher Education Loan Corp

$175,786,918

38.

Regions Bank

$171,812,529

39.

Provincial Bank Academic Funding Group

$164,108,594

40.

Twin City Federal Savings Bank (TCF)

$161,621,161

41.

All Student Loan Corp

$154,097,942

42.

First National Bank

$152,869,360

43.

Stillwater National Bank

$148,215,884

44.

Manufacturers & Traders Bank

$140,699,179

45.

Fifth Third Bank

$130,407,416

46.

Connecticut Student Loan Foundation

$123,795,415

47.

Bancorpsouth Bank

$117,241,525

48.

Zions First National Bank

$111,792,337

49.

EFS Finance Co

$105,864,443

50.

First Midwest Bank

$104,343,028

These lenders hold 93.1% of all FFELP loans. Many of the largest
holders of student loans are
secondary markets.